Effect of Coronavirus on Covid-19 Credit Card Payments

Effects of COVID-19 on Credit Card Payments:

Economic Challenges: Due to the epidemic, many people lost their jobs or experienced a decrease in their income. This situation led to difficulty in paying credit card debts.
Delay Interest: Default interest applied in case of delay in payments further increased the debt burden.
Postponement and Restructuring Requests: Debtors made postponement and restructuring requests to banks.

Measures Taken by Banks:

Discounts in Minimum Payment Rates: Banks provided ease of payment to debtors by reducing minimum payment rates.
Postponement and Restructuring: Banks evaluated the demands of debtors and offered postponement and restructuring opportunities.
Interest Deductions: Some banks tried to ease the debt burden by reducing interest rates.
Directing to Digital Payment Channels: Banks aimed to reduce the risk of infection by encouraging contactless and online payment methods.

Opportunities Offered to Debtors:

Requesting Postponement and Restructuring: Debtors can request postponement and restructuring to their banks.
Reviewing Their Budgets and Avoiding Unnecessary Expenditures: Debtors can pay their debts more easily by reviewing their budgets and controlling their expenses.
Benefiting from Debt Consultancy Services: Debtors can obtain information on debt management by benefiting from the debt consultancy services offered by banks.